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Metals Creek Resources and Anaconda Mining Renegotiates Terms of the Jacksons Arm and Tilt Cove Agreements
Toronto, Ontario--(Newsfile Corp. - November 12, 2019) - Metals Creek Resources Corp. (TSXV: M...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Resources and Anaconda Mining Renegotiates Terms of the Jacksons Arm and Tilt Cove AgreementsToronto, Ontario--(Newsfile Corp. - November 12, 2019) - Metals Creek Resources Corp. (TSXV: MEK) (OTC: MCREF) (Metals Creek or the \"Company\") is pleased to announce that the company has renegotiated the terms for the Jacksons Arm and Tilt Cove Property Agreements in Newfoundland and Labrador with Anaconda Mining Inc. (TSX: ANX) (OTCQX: ANXGF) (\"Anaconda\"). The renegotiated payments represent an aggregate increase in value of approximately $20,000 for the Company in exchange for extending the anniversary of certain option payments. See MEK News Release dated 07 November 2016 for original agreements.Jacksons Arm AgreementOn October 15, 2019, Anaconda and Magna Terra Minerals Inc. (TSXV: MTT) (\"Magna Terra\") announced they have entered into a definitive share purchase agreement dated October 14, 2019, whereby Magna Terra proposes to acquire all of the issued and outstanding common shares of Anaconda's wholly owned subsidiary, 2647102 Ontario Inc. (ExploreCo). ExploreCo owns a 100-percent interest in the Great Northern and Viking projects in Newfoundland and Labrador, and the Cape Spencer project in New Brunswick. The Jacksons Arm Project is part of ExploreCo's Great Northern Project. Under the revised terms of the Jacksons Arm Agreement, on or before the November 7, 2019 Anaconda will issue to Metals Creek 50,000 Consideration Shares (see definition below), and on or before January 6, 2020 - $20,000 in cash by wire transfer and $70,000 in Consideration Shares. All other terms of the agreement remain unchanged.Tilt Cove Agreement with AnacondaUnder the revised terms of the Tilt Cove Agreement,to maintain the Option with respect to the Licenses in full force, ANX shall pay to MCR the following amounts:- on the Effective Date (November 7, 2016) - $20,000 in cash by wire transfer and 50,000 Consideration Shares (see definition below); (Paid)- on the first anniversary of the Effective Date - $40,000 in cash by wire transfer and 100,000 Consideration Shares; (Paid)- on the second anniversary of the Effective Date - $60,000 in cash by wire transfer and 150,000 Consideration Shares;(Paid)- On the third anniversary of the Effective Date - $20,000 in cash and 100,000 Consideration Shares;- On or before February 6, 2020 - $20,000 i...